Atlas Capital pays $29M for electric vehicle developer’s HQ

The firm will lease back the 2 buildings in Gardena to the seller, Faraday Future

TRD LOS ANGELES /
Mar.March 22, 2019 04:00 PM
Jia Yueting, CEO of Faraday Future, and the company’s headquarters. (Credit: Getty Images and Google Maps)

Atlas Capital Group paid $29 million for the headquarters of an electric vehicle developer, in a deal that included an immediate leaseback to the seller.

The New York-based real estate investment firm — acting through Atlas V Gardena LLC — acquired the 125,900-square-foot property, actually two buildings at 18455 S. Figueroa Street and 501 W. 190th Street in Gardena. The deal was first reported by The Verge without a price.

The financially-struggling electric vehicle developer Faraday Future sold the property. Records show it paid $13.25 million for the building at 18455 S. Figueroa St.  in 2014. It paid $7.5 million for the one at 501 W. 190th Street the following year.

A Faraday Future spokesperson said in an email that the sale will allow the firm to direct resources toward delivering its new electric vehicle model later this year.

Meanwhile, Atlas Capital is busy working on getting entitlements for a market-rate residential project that will add 725 units to Chinatown. [The Verge]Gregory Cornfield


Related Articles

arrow_forward_ios
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Rexford Industrial adds to LA portfolio with $100M in acquisitions
Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more
3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Luzzatto Co. assembling creative office hub in West Adams
Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

Faring makes $30M assemblage play on WeHo/LA border
From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Graymark, Nuveen pay $97M for El Segundo creative office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...